Strata management companies help streamline the work of strata councils and ensure council and building owners meet their obligations under the Strata Property Act while meeting tenant concerns with a swift, satisfactory resolution.
If your strata management team isn’t meeting the required standards, your council will take on the process of hiring a replacement management firm. This post serves as a guide to help you secure the ideal management firm and the optimal services for your council and strata tenants.
Start a Discussion with Your Current Strata Management Firm
Start by contacting the management company and booking a discussion with their team. Before the meeting, note some of the issues you’re experiencing with their management service. Whether there are delays in required building repairs or a rise in tenant complaints, document your concerns the days before meeting with your strata management firm.
During the meeting, ask the company for comments on the issues you’re experiencing. There may be a way to salvage the business relationship. If the strata management team has a clear explanation and a commitment to address the concerns, work with them on a schedule of improvement plan. Set a firm deadline and track the company’s progress by requesting regular reporting from their on-site strata management team.
If the management firm cannot make the required changes by the deadline you’ve set, it’s time to initiate the process of selecting a new strata management firm.
Booking a Proposal for Strata Management
The first step towards selecting the new strata management firm is building your property management proposal. Strata management companies have a range of specifications within their management proposal documents, but they generally cover the following building elements:
- The size of the building
- The age of the building
- The type of strata (mixed-use, residential, commercial, etc.)
- Any urgent concerns
- Ongoing management objectives
- The number of AGMs and council meetings
Speaking with Strata Management Companies
Once you’ve submitted your proposal to several local B.C. strata management companies, you’ll have the chance to address your questions to their team. When discussing the strata management firm’s potential role overseeing the property, consider the following questions:
How Quickly Can You Respond to the Council and Residents?
The speed with which the strata management firm is able to communicate and respond to questions is critical to your tenant’s experience. A faster response time to council concerns can also ensure you meet filing deadlines for building documents and promptly address issues impacting the building.
How Do You Assign Your Strata Managers?
In addition to selecting the strata management company, knowing who will control the management process can make all the difference in your service experience. Find out more about the local strata managers the company has in place in your region. For example, Pacific Quorum allocates strata managers according to their knowledge of the area and experience within those communities. This policy leads to a seamless service in which the manager can proactively address the distinct requirements for their property.
How Do Property Managers Communicate with Stakeholders?
The leading strata management firms have proprietary communications tools to communicate with residents and strata council regarding property updates. Find out exactly how the strata management firm shares data on critical issues such as property improvement projects and tenant complaints.
Confirm the Financials and Sign an Agreement
Once you’re satisfied with the answers the strata management has provided, take the time to review their management fees and any additional costs to confirm their pricing is in line with your budget. Ensure you have clarity regarding their cancelation process and the terms covered under the management contract.
Terminating Your Strata Management Agreement
Once the strata council confirms the new management company, you can terminate the contract with the current firm. Terminating strata contracts in B.C. requires a 3 /4 vote resolution. The vote will occur at your AGM or by convening a Special General Meeting. Strata management agreements require 60 days’ notice for termination. However, you may be able to come to a mutual agreement to conclude the relationship at an earlier date.
During the 60-day notice period for your current management company, your newly appointed strata manager can begin requesting all important strata documents to streamline the transition.
Pacific Quorum Leads Market for Strata Management Services Across B.C.
Cities throughout the province feature strata properties under the management of Pacific Quorum. Our decades of strata-specific experience and B.C.-wide footprint have helped the company become one of the pioneers in strata management services. If you’re in the process of selecting a new strata management firm for your B.C. building, request your free property management proposal today to discover the unique benefits of the Pacific Quorum service.
